CHICAGO—Essex Hotel Owner, LLC, an Oxford Capital Group, LLC-led venture with Quadrum Global, has acquired the Essex Inn-Michigan Avenue at 800 South Michigan Ave. in Chicago. In the coming year, the venture will unveil plans to invest in and transform the downtown property. This will be Oxford’s 11th hotel investment in the Chicago market and Quadrum’s second investment with Oxford in Chicago, the first being the Godfrey Chicago.
“We are strong believers in Chicago and the continued attractiveness of Michigan Ave. real estate. We are also excited about the renewed and growing momentum of the burgeoning South Loop. We look forward to transforming this already-distinctive asset,” says John W. Rutledge, founder, president and CEO of Oxford Capital Group, LLC, the Chicago-based owner, developer, sponsor and manager. Essex Hotel Manager, LLC, owned by Oxford Capital, has taken over management.
Commenting on the acquisition, Quadrum’s founder and CEO Oleg Pavlov said: “This is yet another joint project with Oxford Capital. We look forward to breathing a new life into Essex Inn and making it one of the new destinations in the city.“
The hotel currently features 254 guestrooms, including 23 suites; an all-season rooftop pool; fitness center; dry sauna; garden deck; meeting rooms and boardrooms; and a parking garage, as well as a full-service restaurant with bar on the ground floor.
The terms of the deal were not disclosed at the time the acquisition was announced.